How Floyd Health System drives patient loyalty and increases collections

Prior to CarePayment Partnership

• Very competitive market, wanted to create market distinction
• Attempting to collect in-house for first 30 days, deferring to an early-out vendor on day 31
• Found that disparate collection strategies were leading to decrease in patient payments
• As the largest health system in the region, patient trust was present, but needed to provide more payment options to increase overall collections and reduce bad debt

CarePayment Solution at Floyd Health System

• Comprehensive program with CarePayment’s opt-in (Patient Choice) and pre-bad debt (Patient Assign) solutions
• 6 to 36-month payment plans based on the patient’s medical bill
• Patients offered payment plan terms up to 48 months
• Patients also offered extended hardship terms if needed

Results

Through the first year, CarePayment generated:

• $3.9M in net cash
• Funding from program equated to .6% of total NPR
• 3,300 new patients
• 19,000 patients touched by the program
• Less than 6% default rate on engaged accounts